Malta Introduces Central Beneficial Ownership Register to Enhance Corporate Transparency
The Maltese government has taken a significant step towards improving corporate transparency by introducing a central beneficial ownership register. The register, administered by the Malta Business Registry, aims to provide law enforcement agencies, regulators, and other stakeholders with clear information on who ultimately owns and controls Maltese commercial partnerships and legal entities.
Accessible Electronically
The register is available electronically, allowing users to search for beneficial ownership information using various criteria such as company registration number, company name, or individual’s name and ID card/passport. The public has access to the register against a minimal fee of 5 EUR per search, while competent authorities can access the register free of charge.
Authentication and Authorization Required
To access the register, users are required to provide authentication and authorization in the form of registration, authentication, or authorization. For example, competent authorities require complete unfettered access to the register, while subject persons need to authenticate their identity before accessing the register.
Fees for Access
While the register is available electronically, there may be a fee for access in the future, according to local legislation. However, competent authorities can access the register free of charge.
Verification and Validation Process
To ensure the accuracy and timeliness of the information held in the register, the Malta Business Registry has put in place several measures. These include:
- On-site inspections
- Reporting requirements
- Verification procedures for beneficial ownership information submitted by commercial partnerships and trusts
Operational Since 2018
The Register of Beneficial Owners for Commercial Partnerships and Legal Entities was available online from April 1, 2018, while the Trusts Ultimate Beneficial Ownership Register was populated with data since October 2018. The register has now been fully populated for the last six months.
Links to Relevant Laws
The relevant laws implementing the national central beneficial ownership register can be found on the Malta Business Registry’s website.